Recent ruling in case draws heavily from Ripple-SEC lawsuit, stirring reactions
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Critical of the SEC's approach, Judge Jackson stated that the agency failed to provide a"clear differentiating principle" to distinguish between tokens that are considered securities and those that are not.The SEC sued Binance and its former CEO Changpeng"CZ" Zhao a year ago for mishandling customer funds, misleading investors and regulators and breaking securities rules. The defendants contested the claims and asked for the case to be dismissed.
Out of 13 counts, 10 will proceed in their entirety, two partially, and one has been dismissed. The dismissed count concerns the sales of the BUSD stablecoin; part of a count related to the sales of BNB, a token linked to the Binance ecosystem, was also tossed. The dismissed portion pertains to secondary sales of BNB by parties other than Binance.
Metalawman also believes the decision supports Coinbase's claim that an early appeal of Judge Failla's decision is needed, given district courts disagree on the fundamental question of whether digital asset tokens sold on secondary markets constitute securities.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends.
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